New York Ranked One of The Worst States to Start a Business
According to a study, New York is ranked one of the worst states to start a business.
Many people including myself would love to work for themselves and start a business. Starting a business is never easy. According to statistics, about a fifth of all startups typically don’t survive past year one of operation.
A “bad location” is among the most common reasons for startup failures. Therefore, choosing the right state to start a business is crucial to its success.
A state that provides the ideal conditions for business creation: Access to cash, human capital and affordable office space, for example, can help new ventures not only take off but also thrive.
The analysts at Wallethub conducted a study to determine 2017’s Best and Worst States to Start a Business.
WalletHub’s analysts compared the 50 U.S. states across 20 key indicators of startup success. The data set ranges from financing accessibility to availability of human capital to office-space affordability.
According to the study, New York is ranked the 12th worst state to start a business.
Here’s the breakdown:
Starting a Business in New York:
- 49th – Office-Space Affordability
- 36th – Labor Costs
- 20th – Availability of Human Capital
- 26th – Avg. Length of Work Week (in Hours)
- 49th – Cost of Living
- 27th – Industry Variety
Bonus Video: SmittyCam
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